It’s Time to Start Preparing for Your 2017 Taxes
The tax season is officially over for most people, and by now many taxpayers have already put their refund to good use. However, while almost everyone would rather not think about taxes for the next 10 months, or so, the fact is, this is a good time to start looking at next year’s taxes. In fact, by taking a close look at this year’s return, you can learn some important things for next year.
So here are some things to pay attention to. First off, did you get a large refund, or did you end up owing the IRS money? Chances are, one way or the other you need to take a look at your W-4. If you get a big refund then you are probably having too much withheld. On the other hand, if you still owed the IRS money then you are not having enough withheld.
Your 401k is another thing to revisit. Are you maxing it out? If not, then you are missing out on some extra tax savings. Of course, if you need that money now then you can only set aside so much. However, if you can afford to put more away for later, then you should definitely take full advantage of it.
Another good thing to start planning for right now is your list of deductions. Start tracking your receipts and keeping an accurate record. This will help you when you try to figure out your itemized deductions next year.
Lastly, if you like to make charitable donations then you could use your IRA to make those contributions. You get to help a good cause and the contribution won’t hurt your adjusted gross income.
http://www.cnbc.com/2017/04/07/ignore-these-2016-tax-lessons-at-your-peril.html
If You Win the Big Jackpot Expect the IRS to Coming Knocking
Many people from all over the country enjoy gambling. Whether it’s big time poker, playing the slots or betting on sporting events, there are a lot of people who enjoy games of chance and the idea of winning something for nothing. Of course, most of the time, the house wins and the player walks away…
How Much Did California Taxes Affect NBA Free Agency?
The NBA finals are now in the rear view mirror, as is the league’s draft. In fact, the free agency period has largely ended as well, as far as the big-time impact players are concerned. It was an unusual year for free agency, as some of the most recognizable and marketable teams were mostly shut…
Which City Has the Nation’s Highest Sales Tax Rate?
Chicago is known as the Windy city and for good reason. However, thanks to a recent vote by Cook County commissioners, where Chicago calls home, it could now be called the tax city. That’s because Chicago, which already had a sales tax rate of 9.25 percent is jumping into the double digits after county commissioners…
You Could Be Paying More Taxes on Your Rhode Island Vacation Home
Many of the world’s wealthy enjoy the luxury of having a vacation home, or perhaps several vacation homes. Some people have homes in a sunny paradise, while others choose mountain locations where they can get away for a great ski vacation. One popular spot in the U.S. for vacation homes is Rhode Island. However, for…